Friday, January 31, 2020

SSR Mining Announces Expiration and Final Results of Repurchase at Option of Holders of 2.875% Convertible Senior Notes Due 2033 - PRNewswire

VANCOUVER, Jan. 31, 2020 /PRNewswire/ - SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) ("SSR Mining") today announces the results of the repurchase at the option of holders of our 2.875% Senior Convertible Notes due 2033 (CUSIP No. 82823L AC0) (the "Notes") issued pursuant to the Indenture governing the Notes, dated as of January 16, 2013 between SSR Mining and The Bank of New York Mellon, as trustee (the "Indenture"), pursuant to which each holder (each a "Holder") had the right (the "Put Option") to require SSR Mining to repurchase all of such Holder's Notes, or any portion thereof that is a multiple of $1,000 principal amount, on February 1, 2020. The Put Option expired at 5:00 p.m., New York City time, on January 31, 2020 and was not extended.

We have been advised by The Bank of New York Mellon, the paying agent for the Notes, that as of the expiration of the Put Option, $49,000 aggregate principal amount of the Notes, representing approximately 0.043% of the outstanding Notes were validly surrendered for purchase (and not validly withdrawn). We have accepted for purchase all of the Notes that were validly surrendered for purchase (and not validly withdrawn).

After the commencement of the Put Option and prior to the expiration thereof, $4,000 aggregate principal amount of the Notes were converted into our common shares in accordance with the terms of the Notes and the Indenture.

Accordingly, following the settlement of the Put Option, $114,947,000 aggregate principal amount of the Notes remain outstanding. The remaining outstanding Notes are callable by SSR Mining at par, plus accrued and unpaid interest thereon, if any, at any time at our election giving due notice, in accordance with the terms and conditions of the Indenture.

About SSR Mining

SSR Mining Inc. is a Canadian-based precious metals producer with three operations, including the Marigold gold mine in Nevada, U.S., the Seabee Gold Operation in Saskatchewan, Canada and Puna Operations in Jujuy, Argentina. We also have two feasibility stage projects and a portfolio of exploration properties in North and South America. We are committed to delivering safe production through relentless emphasis on Operational Excellence. We are also focused on growing production and Mineral Reserves through the exploration and acquisition of assets for accretive growth, while maintaining financial strength.

For further information contact:
W. John DeCooman, Jr.
Senior Vice President, Business Development and Strategy
SSR Mining Inc.
Vancouver, BC
Toll free: +1 (888) 338-0046
All others: +1 (604) 689-3846
E-Mail: invest@ssrmining.com

To receive SSR Mining's news releases by e-mail, please register using the SSR Mining website at www.ssrmining.com.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements") concerning the anticipated developments in our operations in future periods, and other events or conditions that may occur or exist in the future. All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of words or phrases such as "expects," "anticipates," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," "believes," or variations thereof, or stating that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions. The forward-looking statements in this news release relate to, among other things, statements regarding the Put Option and the redemption of any remaining outstanding Notes by us. These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, the following: general market conditions, including market factors affecting the price of bonds and equity securities; the amount of cash generated from the business; prevailing interest rates; and those various risks and uncertainties identified under the heading "Risk Factors" in our most recent Annual Information Form filed with the Canadian securities regulatory authorities and included in our most recent Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission. Our forward-looking statements are based on what our management considers to be reasonable assumptions, beliefs, expectations and opinions based on the information currently available to it. We cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Our forward-looking statements reflect current expectations regarding future events and speak only as of the date hereof and we do not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set out above, you should not place undue reliance on forward-looking statements.

SOURCE SSR Mining Inc.

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Rep. Howell continues fight against bill to eliminate mining regulations - gophouse.org

State Representative Gary Howell (R -North Branch) this week testified in opposition to Senate Bill 431 in the Senate Transportation Committee.

The Senate bill, if enacted, would strip away local control and give aggregate companies full authority to establish gravel mines anywhere in Michigan regardless of what the local citizens and their township officials say and regardless of health and safety issues.

As the municipal attorney for Metamora Township in the 1980s and 1990s, Howell successfully defended the residents of Metamora in federal court and defeated the mining company at that time.

“The residents of Metamora as well as citizens throughout the state deserve to maintain the right of local control over decisions affecting their homes and property,” Howell said. “The aggregate companies have been defeated three times in court. They know that if they were to continue going to court, they would continue to lose. They are now trying to change state law and void the judicial decisions.”

During his testimony, Howell pointed out that Senate Bill 431, sponsored by Detroit Democrat Adam Hollier, was essentially written by the mining companies and their lobbyists. The bill follows exposure of a discredited report that was paid for at taxpayer expense by the Michigan Department of Transportation in collusion with the lobbyist for the aggregate industry. The Auditor General of Michigan has condemned the report, citing numerous glaring errors regarding the alleged need for more aggregate mining as well as other issues.

Nearly 100 residents from Metamora and the surrounding area have attended the Lansing hearings.

“I commend the citizens of Metamora and Lapeer County for taking the initiative to come to Lansing and make their voices heard,” Howell said. “If SB 431 were to pass, these individuals would effectively have no voice at all regarding gravel mining operations in their own community.”

In his testimony before the committee, Howell explained the presence of a Superfund site that is located close to the proposed mine. He expressed extreme concern about the impact that digging near this site might have on the aquifer and drinking water.

“This fight is far from over,” Howell said. “But I intend to see it through. With the help of the local residents who are so actively engaged, we will protect local control. Michigan citizens deserve no less.”

It is anticipated that the bill may be considered further at the Senate Transportation Committee next week.

PHOTO INFORMATION: State Representative Gary Howell testifying against the gravel mining bill in the Senate Transportation Committee along with a large group of concerned Metamora residents.

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Mining coronavirus genomes for clues to the outbreak's origins - Science Magazine

As part of a long-running effort to see what viruses bats harbor, researchers in China collect one from a cave in Guandong.

EcoHealth Alliance

attaaaggtt tataccttcc caggtaacaa accaaccaac tttcgatctc ttgtagatct …

That string of apparent gibberish is anything but: It’s a snippet of a DNA sequence from the viral pathogen, dubbed 2019 novel coronavirus (2019-nCoV), that is overwhelming China and frightening the entire world. Scientists are publicly sharing an ever-growing number of full sequences of the virus from patients—53 at last count in the Global Initiative on Sharing All Influenza Data database. These viral genomes are being intensely studied to try to understand the origin of 2019-nCoV and how it fits on the family tree of related viruses found in bats and other species. They have also given glimpses into what this newly discovered virus physically looks like, how it’s changing, and how it might be stopped.

“One of the biggest takeaway messages [from the viral sequences] is that there was a single introduction into humans and then human-to-human spread,” says Trevor Bedford, a bioinformatics specialist at the University of Washington, Seattle. The role of Huanan Seafood Wholesale Market in Wuhan, China, in spreading 2019-nCoV remains murky, though such sequencing, combined with sampling the market’s environment for the presence of the virus, is clarifying that it indeed had an important early role in amplifying the outbreak. The viral sequences, most researchers say, also knock down the idea the pathogen came from a virology institute in Wuhan.

In all, 2019-nCoV has nearly 29,000 nucleotides bases that hold the genetic instruction book to produce the virus. Although it’s one of the many viruses whose genes are in the form of RNA, scientists convert the viral genome into DNA, with bases known in shorthand as A, T, C, and G, to make it easier to study. Many analyses of 2019-nCoV’s sequences have already appeared on virological.org, nextstrain.org, preprint servers like bioRxiv, and even in peer-reviewed journals. The sharing of the sequences by Chinese researchers allowed public health labs around the world to develop their own diagnostics for the virus, which now has been found in 18 other countries. (Science's news stories on the outbreak can be found here.)

When the first 2019-nCoV sequence became available, researchers placed it on a family tree of known coronaviruses—which are abundant and infect many species—and found that it was most closely related to relatives found in bats. A team led by Shi Zheng-Li, a coronavirus specialist at the Wuhan Institute of Virology, reported on 23 January on bioRxiv that 2019-nCoV’s sequence was 96.2% similar to a bat virus and had 79.5% similarity to the coronavirus that causes severe acute respiratory syndrome (SARS), a disease whose initial outbreak was also in China more than 15 years ago. But the SARS coronavirus has a similarly close relationship to bat viruses, and sequence data make a powerful case that it jumped into people from a coronavirus in civets that differed from human SARS viruses by as few as 10 nucleotides. That’s one reason why many scientists suspect there’s an “intermediary” host species—or several—between bats and 2019-nCoV.

According to Bedford’s analysis, the bat coronavirus sequence that Shi Zheng-Li’s team highlighted, dubbed RaTG13, differs from 2019-nCoV by nearly 1100 nucleotides. On nextstrain.org, a site he co-founded, Bedford has created coronavirus family trees (example below) that include bat, civet, SARS, and 2019-nCoV sequences. (The trees are interactive—by dragging a computer mouse over them, it’s easy to see the differences and similarities between the sequences.)

Bedford’s analyses of RaTG13 and 2019-nCoV suggest that the two viruses shared a common ancestor 25 to 65 years ago, an estimate he arrived at by combining the difference in nucleotides between the viruses with the presumed rates of mutation in other coronaviruses. So it likely took decades for RaTG13-like viruses to mutate into 2019-nCoV.

Middle East respiratory syndrome (MERS), another human disease caused by a coronavirus, similarly has a link to bat viruses. But studies have built a compelling case it jumped to humans from camels. And the phylogenetic tree from Shi’s bioRxiv paper (below) makes the camel-MERS link easy to see.

The longer a virus circulates in a human populations, the more time it has to develop mutations that differentiate strains in infected people, and given that the 2019-nCoV sequences analyzed to date differ from each other by seven nucleotides at most, this suggests it jumped into humans very recently. But it remains a mystery which animal spread the virus to humans. “There’s a very large gray area between viruses detected in bats and the virus now isolated in humans,” says Vincent Munster, a virologist at the U.S. National Institute of Allergy and Infectious Diseases who studies coronaviruses in bats, camels, and others species.

Strong evidence suggests the marketplace played an early role in spreading 2019-nCoV, but whether it was the origin of the outbreak remains uncertain. Many of the initially confirmed 2019-nCoV cases—27 of the first 41 in one report, 26 of 47 in another—were connected to the Wuhan market, but up to 45%, including the earliest handful, were not. This raises the possibility that the initial jump into people happened elsewhere.

According to Xinhua, the state-run news agency, “environmental sampling” of the Wuhan seafood market has found evidence of 2019-nCoV. Of the 585 samples tested, 33 were positive for 2019-nCoV and all were in the huge market’s western portion, which is where wildlife were sold. “The positive tests from the wet market are hugely important,” says Edward Holmes, an evolutionary biologist at the University of Sydney who collaborated with the first group to publicly release a 2019-nCoV sequence. “Such a high rate of positive tests would strongly imply that animals in the market played a key role in the emergence of the virus.”

Yet there have been no preprints or official scientific reports on the sampling, so it’s not clear which, if any, animals tested positive. “Until you consistently isolate the virus out of a single species, it’s really, really difficult to try and determine what the natural host is,” says Kristian Andersen, an evolutionary biologist at Scripps Research.

One possible explanation for the confusion about where the virus first entered humans is if there was a batch of recently infected animals sold at different marketplaces. Or an infected animal trader could have transmitted the virus to different people at different markets. Or, Bedford suggests, those early cases could have been infected by viruses that didn’t easily transmit and sputtered out. “It would be hugely helpful to have just a sequence or two from the marketplace [environmental sampling] that could illuminate how many zoonoses occurred and when they occurred,” Bedford says.

A research group sent fecal and other bodily samples from bats they trapped in caves to the Wuhan Institute of Virology to search for coronaviruses.

EcoHealth Alliance

In the absence of clear conclusions about the outbreak’s origin, theories thrive, and some have been scientifically shaky. A sequence analysis led by Wei Ji of Peking University and published online by the Journal of Medical Virology received substantial press coverage when it suggested that “snake is the most probable wildlife animal reservoir for the 2019‐nCoV.” Sequence specialists, however, pilloried it.

Conspiracy theories also abound. A CBC News report about the Canadian government deporting Chinese scientists who worked in a Winnipeg lab that studies dangerous pathogens was distorted on social media to suggest that they were spies who had smuggled out coronaviruses. The Wuhan Institute of Virology, which is the premier lab in China that studies bat and human coronaviruses, has also come under fire. “Experts debunk fringe theory linking China’s coronavirus to weapons research,” read a headline on a story in The Washington Post that focused on the facility.

Concerns about the institute predate this outbreak. Nature ran a story in 2017 about it building a new biosafety level 4 lab and included molecular biologist Richard Ebright of Rutgers University, Piscataway, expressing concerns about accidental infections, which he noted repeatedly happened with lab workers handling SARS in Beijing. Ebright, who has a long history of raising red flags about studies with dangerous pathogens, also in 2015 criticized an experiment in which modifications were made to a SARS-like virus circulating in Chinese bats to see whether it had the potential to cause disease in humans. Earlier this week, Ebright questioned the accuracy of Bedford’s calculation that there are at least 25 years of evolutionary distance between RaTG13—the virus held in the Wuhan virology institute—and 2019-nCoV, arguing that the mutation rate may have been different as it passed through different hosts before humans. Ebright tells ScienceInsider that the 2019-nCoV data are “consistent with entry into the human population as a natural accident.”

Shi did not reply to emails from Science, but her longtime collaborator, disease ecologist Peter Daszak of the EcoHealth Alliance, dismissed Ebright’s conjecture. “Every time there’s an emerging disease, a new virus, the same story comes out: This is a spillover or the release of an agent or a bioengineered virus,” Daszak says. “It’s just a shame. It seems humans can’t resist controversy and these myths, yet it’s staring us right in the face. There’s this incredible diversity of viruses in wildlife and we’ve just scratched the surface. Within that diversity, there will be some that can infect people and within that group will be some that cause illness.”

A team of researchers from the Wuhan Institute of Virology and the EcoHealth Alliance have trapped bats in caves all over China, like this one in Guangdong, to sample them for coronaviruses.

EcoHealth Alliance

Daszak and Shi’s group have for 8 years been trapping bats in caves around China to sample their feces and blood for viruses. He says they have sampled more than 10,000 bats and 2000 other species. They have found some 500 novel coronaviruses, about 50 of which fall relatively close to the SARS virus on the family tree, including RaTG13—it was fished out of a bat fecal sample they collected in 2013 from a cave in Moglang in Yunnan province. “We cannot assume that just because this virus from Yunnan has high sequence identity with the new one that that’s the origin,” Daszak says, noting that only a tiny fraction of coronaviruses that infect bats have been discovered. “I expect that once we’ve sampled and sampled and sampled across southern China and central China that we’re going to find many other viruses and some of them will be closer [to 2019-nCoV].”

It’s not just a “curious interest” to figure out what sparked the current outbreak, Daszak says. “If we don't find the origin, it could still be a raging infection at a farm somewhere, and once this outbreak dies, there could be a continued spillover that’s really hard to stop. But the jury is still out on what the real origins of this are.”

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Clarksons adds to board diversity with mining expert Heidi Truol - TradeWinds

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Clarksons adds to board diversity with mining expert Heidi Truol  TradeWinds

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Report: 24 US Mining Deaths in 2019, the Fewest Ever Recorded - K2 Radio

Two dozen people died in mining accidents in the U.S. last year.

The Department of Labor says it's the lowest nationwide total ever recorded.

According to data from the Mine Safety and Health Administration, among those deaths were 11 deaths in coal mines, including four in West Virginia and four in Kentucky.

The coal mine total matched the tally from 2018.

The mine safety agency said it was reviewing two other deaths that could add to the total of 24.

Pennsylvania had two coal mining deaths in 2019, and there was one in Illinois.

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Fatal US Mining Accidents Dropped in 2019 | News For The Workers Comp Industry - WorkersCompensation.com


Fatal U.S. Mining Accidents Dropped in 2019



Arlington, VA (WorkersCompensation.com) - There were 24 mining fatalities in the U.S. in 2019, the U.S. Department of Labor's Mine Safety and Health Administration (MSHA) reports. This is the fewest annual fatalities ever recorded, and only the fifth year in MSHA's 43-year history that mining fatalities were below 30. MSHA is still reviewing two cases of possible chargeable fatalities which, if added would make the total in 2019 the second lowest number of fatalities ever recorded.

There were four deaths each in Kentucky and West Virginia; two each in Pennsylvania, Tennessee and Texas; and one each in Georgia, Illinois, Louisiana, Minnesota, Mississippi, New Mexico, Oklahoma, South Carolina, Vermont and Wyoming.

“The low number of mining deaths last year demonstrates that mine operators have become more proactive in eliminating safety hazards. But I believe we can do even better,” said Assistant Secretary for Mine Safety and Health David G. Zatezalo. “A disproportionate number of mining deaths involved contractors, and we saw an uptick in electrocution accidents, with three deaths and another two close calls. In response, the Mine Safety and Health Administration launched a targeted compliance assistance effort, visiting thousands of mines to educate miners, operators and contractors on procedures that could prevent accidents like these.”

After a two-year increase in 2017 and 2018, when about half of all deaths resulted from vehicle-on-vehicle collisions, failure to use a functioning seat belt and conveyor belt accidents, MSHA responded with a multifaceted education campaign and initiated rulemaking. In 2019, the percentage of deaths caused by powered haulage accidents dropped to approximately 25% of all mining deaths.

MSHA collected 147,500 samples from coal and metal/nonmetal mines in 2019, a record high. The data revealed an all-time low for average concentrations of respirable dust and respirable quartz in underground coal mines, and the exposure to dust and quartz for miners at the highest risk of overexposure hit all-time lows as well. Metal/nonmetal mines achieved the second lowest average respirable dust and quartz concentrations since 2009. Metal/nonmetal mines also achieved the second lowest average elemental carbon concentration and average total concentration since 2009.

Approximately 250,000 miners work in around 12,000 metal/nonmetal mines in the U.S., while approximately 83,000 work in around 1,000 coal mines. In 2019, MSHA conducted 37,471 inspections at nearly 13,000 mines employing 330,000 miners, which resulted in 99,663 citations and orders. MSHA inspected all underground mines at least four times in 2019, and it inspected surface mines and facilities at least twice, as required by law.

MSHA works to prevent death, illness and injury from mining and promote safe and healthful workplaces for U.S miners. MSHA carries out the provision of the Federal Mine Safety and Health Act of 1977 as amended by the Mine Improvement and New Emergency Response Act of 2006. The agency develops and enforces safety and health rules for all U.S. mines regardless of size, number of employees, commodity mined or method of extraction. MSHA also provides technical, educational and other types of assistance to mine operators. MSHA works cooperatively with industry, labor, and other federal and state agencies to improve safety and health conditions for all miners in the United States.

The mission of the Department of Labor is to foster, promote and develop the welfare of the wage earners, job seekers and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.



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Modern-day 49ers 'mining' for silver in Super Bowl - Kitco NEWS

Photo courtesy of Pro Football Hall of Fame

(Kitco News) - These 49ers are headed east in search of silver rather than west mining for gold.

We’re referring to the San Francisco 49ers, who will be playing in the Super Bowl on the opposite side of the country Sunday when they take on the Kansas City Chiefs in Miami. The winning team will get a trophy that has nearly seven pounds of sterling silver.

By contrast, the original 49ers were the hardy pioneers who headed west in search of gold in 1849, the year after the precious metal was found by James W. Marshall at Sutter’s Mill in California. The website History.com reports that some 750,000 pounds of gold worth an estimated $2 billion were mined during the California Gold Rush.

The precious-metal haul in the Super Bowl will be far less, but then the real prize is the bragging rights, of course. According to the Pro Football Hall of Fame website, the Vince Lombardi Trophy awarded to the winner is 20.75 inches tall and weighs 107.3 ounces, or just shy of seven pounds. When converting to troy ounces and multiplying by the Friday-morning price of spot silver,  this means the trophy has roughly $1,750 worth of silver.

However, numerous news reports put the actual value of the trophy – when factoring in the craftsmanship and other costs – at around $50,000. The Hall of Fame website describes the trophy as a “regulation-size silver football mounted in a kicking position on a pyramid-like stand of three concave sides.”

The Vince Lombardi Trophy is made by Tiffany & Co., the only company contacted by then-NFL commissioner Pete Rozelle back in 1967 when he wanted the prize to be top notch. The chief designer was Oscar Riedener, who was originally from Switzerland and knew nothing about American football. He bought a football, set it on his kitchen table and stared at it while eating a bowl of cereal.

“Upon finishing his Cornflakes, he took a pair of scissors, started cutting the empty box, and transformed it into a trophy base atop which the football could sit,” the Hall of Fame website says. “Over lunch a couple of days later with Rozelle and a delegation from Tiffany’s, Riedener drew a sketch of his design on a cocktail napkin.”

Rozelle liked the idea, and this design has been the Vince Lombardi Trophy since.

By the way, History.com describes the California Gold Rush as “one of the most significant events to shape American history during the first half of the 19th century.” Thousands of 49ers with gold fever – many leaving their families behind – headed to the area around San Francisco. By the end of 1849, the non-native American population of the California territory was put at around 100,000, compared to some 800 in March 1848. Further, by the end of 1849, California applied to enter the union as a state.

If the football 49ers win the Super Bowl on Sunday, they will make history as well. They will tie the Pittsburgh Steelers and New England Patriots for the most Super Bowl wins ever – six. In fact, the 49ers have already made some history, as offensive assistant Katie Sowers is about to become the first woman to coach in a Super Bowl.

Here’s one more tidbit – Hall of Fame quarterback Joe Montana played for both teams, winning four Super Bowl rings with the 49ers but ending his career with the Chiefs. He made a prediction:

"You heard from me first,” Montana jokingly tweeted. “I guarantee my team will win the Super Bowl!"

And in doing so, his team will have “mined” some silver.

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Arizona Quietly Sells 16810 Acres to Freeport-McMoRan for Mining Waste - Phoenix New Times

The Arizona State Land Department this month sold nearly 17,000 acres of pristine desert land to Freeport-McMoRan, a Phoenix-based international mining company, which plans to use the property to store waste from its Bagdad copper mine.

The company purchased the land for about $13.5 million as the sole bidder during a January 6 auction. According to a document posted publicly prior to the sale, Freeport-McMoRan plans to use the site for a "tailings storage facility," referring to the often-toxic, sludge-like byproduct of mining. The purchase stands to essentially double the size of Freeport-McMoRan's mining operations in Bagdad, which, according to the town's website, accounts for roughly 20 percent of the company's North American copper production.

The plat equals roughly 25 square miles — larger than the island of Manhattan.

It is nearly seven times the size of a pending land acquisition by a British-Australian company for a mining operation near Superior. That project, Resolution Copper, would involve extracting copper from beneath Oak Flat, an area that Native American opponents consider sacred, and until a land swap, was protected from mining.

Yet whereas Resolution Copper's plans to conduct mining operations on 2,400 acres of federal land triggered a years-long process involving stakeholder meetings and public hearings, studies and news articles, protests from the San Carlos Apache tribe, and a rider on a defense spending bill from the late Senator John McCain, Freeport-McMoRan's deal with the state of Arizona slipped by when few were paying attention.

But the recent transaction between the copper corporation and the state did not go entirely unnoticed.

Joe Trudeau, an ecologist who serves as Southwest Advocate for the Center for Biological Diversity, followed the deal for about a year before the sale went through. He said Freeport-McMoRan's mining waste plan poses risks to habitats for countless Sonoran Desert species, as well as water sources in the area like streams and aquifers.

Because the proposed waste site was managed by the Land Department, biologists and other researchers have not been able to survey the property to determine what endangered species may be residing in the area. Trudeau said that it is likely that some common species live there, including mule deers, bobcats, mountain lions, black bears, and rattlesnakes.

"That is habitat that will be lost for the rest of our lives and probably hundreds of years into the future, if not forever," Trudeau said. "This is a tremendous impact of almost unprecedented scale in Arizona."

As with most large mining operations, Freeport-McMoRan's waste storage proposal also raises concerns of water contamination. The Bagdad area, which is about 65 miles west of Prescott, sits close to several watersheds, including for the Santa Maria River, the Big Sandy River, and the Bill Williams River.

Freeport-McMoRan has a track record of water contamination. In 2008, the Arizona Department of Air Quality fined the company $100,000 after finding that it discharged a "highly corrosive acidic solution" into a publicly accessible creek, exceeding the state's quality standards for copper, zinc, and acidity. In 2012, Freeport-McMoRan reached a $6.8 million settlement with the Department of the Interior forcontaminating rivers, streams, and aquifers near its mine in Morenci. The federal government also determined that the company endangered migratory birds in the region. In 2017, an audit in Indonesia calculated that the company's mining operations in the southeast Asian country had caused environmental damage worth $13.25 billion.

Freeport-McMoRan did not respond to request for comment. Nor did the Arizona State Land Department.

The Bagdad area has already seen at least one serious case of mining contamination, though it came from a separate company. In 2017, Attorney General Mark Brnovich pressed charges against Bagdad Hillside mining company for leaking millions of gallons of arsenic into a public creek that residents sometimes used as a swimming hole. The company was forced to pay $2.7 million in fines over the pollution.

Part of Freeport-McMoRan's land purchase.EXPAND

Part of Freeport-McMoRan's land purchase.

New Times source

Opponents of Freeport-McMoRan's proposal have few options for recourse.

Because the case involves a sale from the state land trust to a private company, rather than a transaction involving federal land like Resolution Copper's project, the deal was subject to fewer bureaucratic hurdles.

And a recent rollback of Clean Water Act regulations by President Trump's administration removed protections for smaller bodies of water, including those found in the Bagdad-area property, like seasonal rivers, groundwater, and "ephemeral streams" that only flow after rain. According to Trudeau, the Trump decision took away environmentalists' sole avenue for challenging Freeport-McMoRan's proposed tailings site.

"We lost the only tool we have to prevent this tremendous loss of desert landscape," Trudeau said. "Our hands our virtually tied."

The State Land Department, established in 1915, oversees about 9.2 million acres of Arizona trust lands. While other governmental land agencies, such as the U.S. Forest Service or Arizona State Parks, have a conservation mandate, the Land Department's only purpose is generating revenue for schools, prisons, and other public facilities.

And the agency has recently been on a selling spree. The Land Department sold more than $330 million in land in 2018 and generated $216 million last year, compared to the $44 million it sold in 2017. In addition to selling land, the department also leases its trust property for purposes like rights-of-way and grazing.

Freeport-McMoRan frequently tops the list of Arizona's most profitable companies. The company made $2.6 billion in profits in 2018.

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Cybercriminals Hide Crypto Mining Script Behind Kobe Bryant Wallpaper - Cointelegraph

Opportunistic cybercriminals are capitalizing on the death of basketball legend Kobe Bryant earlier this week by setting booby-traps for those searching for mementos of the star. According to a tweet by Microsoft Security Intelligence on Jan. 31, hackers are hiding malicious html code containing a cryptojacking script in desktop wallpaper of the NBA all-time great.

Cryptojacking is a practice whereby cybercriminals hijack processing power from other computers to mine cryptocurrencies remotely. 

Following the tragic helicopter crash which claimed the lives of Byrant, his 13-year old daughter, and seven other occupants, there has been increased interest in the star from both fans and the general public.

Perhaps unsurprisingly, it did not take long for cybercriminals to take advantage of this. An increasing number of people searching for information and images of the star is just a fresh crop of potential victims.

The Microsoft team found the malicious html file, Trojan:HTML/Brocoiner.N!lib with its Defender Virus Protection software. The coin mining script was disguised as a desktop wallpaper featuring an image of Bryant. The website hosting the coin miner was blocked by the software.

Reminiscing or cashing in?

As Cointelegraph reported, Bryant’s death brought an outpouring of grief from across social media, including a personal account from Tron founder Justin Sun. Bryant was an avid supporter of crypto, and Tron in particular, having discussed the future of blockchain with Sun on stage at the niTROn conference in 2019.

As a gesture of respect, Sun announced that this year’s niTROn conference would be dedicated to the star. However, given Sun’s prior history of dubious promotional methods, some on social media were quick to criticize this move as a shameless cash-in.

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Thursday, January 30, 2020

Report: 24 US Mining Deaths in 2019, the Lowest Number Ever - The New York Times

LOUISVILLE, Ky. — Two dozen people died in mining accidents in the U.S. last year, the lowest nationwide total ever recorded, according to the Department of Labor.

Among them were 11 deaths in coal mines, including four in West Virginia and four in Kentucky, according to data from the Mine Safety and Health Administration. The coal mine total matched the tally from 2018.

The mine safety agency said it was reviewing two other deaths that could add to the total of 24.

"The low number of mining deaths last year demonstrates that mine operators have become more proactive in eliminating safety hazards. But I believe we can do even better,” said David Zatezalo, who heads the mine safety agency.

Pennsylvania had two coal mining deaths in 2019, and there was one in Illinois.

Coal fatalities have dropped drastically over the last decade, in part due to a decline in Appalachian mining. Coal employment in that region, mostly concentrated in Kentucky, West Virginia and Virginia, was nearly cut in half between 2011 and 2018. The lowest U.S. coal death total ever recorded was eight in 2016.

The mine safety agency said in a release Thursday that an education campaign focused on reducing vehicle-on-vehicle collisions and conveyor belt accidents in mines helped reduce accidents in those areas.

There were about 250,000 miners at work in approximately 12,000 metal and nonmetal mines in the U.S. in 2019, and about 83,000 miners working in 1,000 coal mines.

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US records 24 mining deaths in 2019, 11 in coal mines - wnky.com

LOUISVILLE, Ky. (AP) — Two dozen people died in mining accidents in the U.S. last year. The Department of Labor says it’s the lowest nationwide total ever recorded. According to data from the Mine Safety and Health Administration, among those deaths were 11 deaths in coal mines, including four in West Virginia and four in Kentucky. The coal mine total matched the tally from 2018. The mine safety agency said it was reviewing two other deaths that could add to the total of 24. Pennsylvania had two coal mining deaths in 2019, and there was one in Illinois.

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Fatal US mining accidents dropped in 2019 - WOAY NEWSWATCH

ARLINGTON, VA (WOAY) – There were 24 mining fatalities in the U.S. in 2019, the U.S. Department of Labor’s Mine Safety and Health Administration (MSHA) reports. This is the fewest annual fatalities ever recorded, and only the fifth year in MSHA’s 43-year history that mining fatalities were below 30. MSHA is still reviewing two cases of possible chargeable fatalities which, if added would make the total in 2019 the second lowest number of fatalities ever recorded.

There were four deaths each in Kentucky and West Virginia; two each in Pennsylvania, Tennessee and Texas; and one each in Georgia, Illinois, Louisiana, Minnesota, Mississippi, New Mexico, Oklahoma, South Carolina, Vermont and Wyoming.

“The low number of mining deaths last year demonstrates that mine operators have become more proactive in eliminating safety hazards. But I believe we can do even better,” said Assistant Secretary for Mine Safety and Health David G. Zatezalo. “A disproportionate number of mining deaths involved contractors, and we saw an uptick in electrocution accidents, with three deaths and another two close calls. In response, the Mine Safety and Health Administration launched a targeted compliance assistance effort, visiting thousands of mines to educate miners, operators and contractors on procedures that could prevent accidents like these.”

After a two-year increase in 2017 and 2018, when about half of all deaths resulted from vehicle-on-vehicle collisions, failure to use a functioning seat belt and conveyor belt accidents, MSHA responded with a multifaceted education campaign and initiated rulemaking. In 2019, the percentage of deaths caused by powered haulage accidents dropped to approximately 25% of all mining deaths.

MSHA collected 147,500 samples from coal and metal/nonmetal mines in 2019, a record high. The data revealed an all-time low for average concentrations of respirable dust and respirable quartz in underground coal mines, and the exposure to dust and quartz for miners at the highest risk of overexposure hit all-time lows as well. Metal/nonmetal mines achieved the second lowest average respirable dust and quartz concentrations since 2009. Metal/nonmetal mines also achieved the second lowest average elemental carbon concentration and average total concentration since 2009.

Approximately 250,000 miners work in around 12,000 metal/nonmetal mines in the U.S., while approximately 83,000 work in around 1,000 coal mines. In 2019, MSHA conducted 37,471 inspections at nearly 13,000 mines employing 330,000 miners, which resulted in 99,663 citations and orders. MSHA inspected all underground mines at least four times in 2019, and it inspected surface mines and facilities at least twice, as required by law.

MSHA works to prevent death, illness and injury from mining and promote safe and healthful workplaces for U.S miners. MSHA carries out the provision of the Federal Mine Safety and Health Act of 1977 as amended by the Mine Improvement and New Emergency Response Act of 2006. The agency develops and enforces safety and health rules for all U.S. mines regardless of size, number of employees, commodity mined or method of extraction. MSHA also provides technical, educational and other types of assistance to mine operators. MSHA works cooperatively with industry, labor, and other federal and state agencies to improve safety and health conditions for all miners in the United States.

The mission of the Department of Labor is to foster, promote and develop the welfare of the wage earners, job seekers and retirees of the United States; improve working conditions; advance opportunities for profitable employment; and assure work-related benefits and rights.

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Newcrest Mining Poised to Benefit From Next Gold Bull Market - Yahoo Finance

Despite a small dip recorded over the last two days when gold lost 0.4%, the price per ounce ($1,573.45 at close on Wednesday) is still up nearly 21% year over year and about 3% so far this year.

Monetary policy

Monetary policies adopted by authorities worldwide to stimulate the economy and prolong the expansion phase as much as possible have been the main catalysts pushing up the price of the commodity. Gold prices will continue to rise as central banks keep interest rates low, which favors investments in precious metals rather than bonds and other fixed-income securities.


As expected, the U.S. Federal Reserve left the federal funds rate unaltered at 1.5-1.75% at the end of the meeting on Jan. 29, 2020. As Jerome Powell stressed, this decision is suitable for the current phase of the economic cycle and essential for keeping the inflation rate target of 2% or below.

Further, in line with last December's Federal Open Market Committee projections, yesterday's decision suggests that the U.S. central bank should keep interest rates unchanged throughout 2020.

The European Central Bank will do the same to help the struggling eurozone economy. Last Friday, the European Central Bank reaffirmed the prime rate at 0%, the marginal lending facility rate at 0.25% and the deposit rate at -0.50%.

Gold on the rise

Favorable conditions for gold prices will also move up share prices of the precious metal's publicly traded producers.

Over the past 12 months, when the U.S. market hit record highs, holders of the VanEck Vectors Gold Miners exchange-traded funds (GDX) benefitted a lot from the rally in the gold price as they were rewarded with an impressive 30.2% return, topping the S&P 500 index by 8%. The VanEck Vectors Gold Miners ETF is the benchmark for the gold mining industry.

Investors can take advantage of the next gold bull market by investing in Newcrest Mining Ltd. (NCMGY)(NCMGF), an Australian explorer and developer of mineral properties and miner and seller of gold bars and concentrates of gold and copper.

This miner has assets in Australia, Papua New Guinea, Indonesia and Canada. Its highly profitable operations have shown increasing AISC margin (realized gold price per ounce minus all-in sustaining cost (AISC) per ounce) even when the output declines.

Newcrest recently issued the operating report for its second quarter of fiscal 2020, which ended on Dec. 30, 2019, showing a robust 16% year over year growth in the margin to $597 per ounce. This was a result of an 18% rise in the realized gold price to $1,456 per ounce despite a 16% fall in gold output to 551,115 ounces. The production of the yellow metal was affected by poor performance of operations in Papua New Guinea and Indonesia. The recent bushfires, which caused major damage in southeastern Australia, didn't have any impact on the mines.

The solid performance of Australian copper mining activities, plus the addition of the Red Chris gold and copper open-pit mine in British Columbia, also helped the company to accomplish improved AISC margin. Newcrest Mining reported a 40.4% year over year increase in the production of copper to 37,695 tons, but a decrease of 4.3% in the realized price of the red metal to $5,908 per ton. Red Chris was purchased during the first half of fiscal 2020.

The gold business is predominant at Newcrest Mining as it makes up 80% of total sales, while copper adds the remaining 20%. The miner sold 560,570 ounces of gold in the second quarter of fiscal 2020 (down 11.8% from the prior-year quarter) and 36,394 tons of copper (up almost 28% from the prior-year quarter).

The miner expects to mine more gold in the second part of fiscal 2020 compared to the first part as activities will not be suspended as many times as the first and second quarters, when a higher number of sites were scheduled for regular maintenance.

Higher gold prices and production will impact the free cash flow, which is also expected to be higher in the second part of fiscal 2020. The acquisition of Red Chris and the Dec. 6, 2019 purchase of an additional 4.9% interest stake in Lundin Gold Inc (FTMNF) will also help hit the free cash flow target. Lundin Gold will start the commercial production of gold from the Fruta del Norte gold project in southeast Ecuador in the second quarter of calendar 2020.

Fruta del Norte is a first-class asset from which the most recent technical report forecasts that the miner can mine 325,000 ounces of gold every year at an AISC of $621 per ounce from total probable reserves of 5.02 million ounces, grading 8.74 grams of gold per ton of mineral.

Newcrest Mining targets to produce 2.375 to 2.535 million ounces of gold and 130,000 to 145,000 tons of copper in full fiscal 2020, which will end on June 30, 2020. The AISC is expected to range between $1,835 and $1,965 per ounce and total capital expenditures are anticipated at $740-$865 million, of which about 15% will be allocated to exploration activities.

The stock doesn't seem expensive at the moment, as its share price of about $21.50 at close on Wednesday is below the 200- and 100-day simple moving average lines. It is still above the 50-day SMA line, but not by much.

The market cap is approximately $16.45 billion, and the 52-week range is $16.42 to $26.45.

The price-book ratio is 2.2 compared to the industry median of 1.54 and the enterprise value-EBITDA ratio is 10.2 compared to the industry median of 9.05.

The 14-day relative strength indicator of 52 tells that the stock is neither overbought nor oversold.

Disclosure: I have no positions in any securities mentioned.

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This article first appeared on GuruFocus.


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Gold mining company aims for Silver City, public opposes - Newscenter1.tv

RAPID CITY, S.D. —  Public uproar Wednesday at the rapid city legal and finance committee meeting — the main discussion revolved around opposition to gold exploration.

A company called Big Rock Exploration wants to mine for gold in the silver city area.

Mining has been shown to create environmental damage and involves unsafe chemicals — which in turn can affect the future of rapid city. Which is why so many locals are expressing opposition to the proposal.

A major concern is water contamination and pollution.

Members of the legal and finance committee say they understand the concerns of the public.

“The people that live here and work here and play here and visit here want clean water,” said Laura Armstrong, Ward Five.

The opposition resolution was approved, and will go to the city council on Monday, Feb. 3.


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Mechanised scaling solutions in the mining industry - Mining Technology

Working to remove loose and potentially dangerous rock material from rock surfaces, scaling plays an essential role in the underground cyclical tunnel excavation process.

Mining Technology spoke to Mikko Yletyinen, product line director of the scaling portfolio at leading mining equipment provider Normet, about the challenges operators face with scaling and how technology has evolved to solve them.

What are the challenges around manual scaling? What risks do operators face?

Mikko Yletyinen: Manual scaling has always been the most dangerous task in underground mining. Imminent rock falls are the most obvious risk but there is more to it than that. For example, working in unergonomic positions, such as carrying a long scaling bar and hitting rock surfaces which can strain a miner’s muscles, joints and tendons.

The environment is also typically very dusty, which can affect the respiratory system, while silicosis can follow years of exposure to rock dust, and the impact sounds of bars hitting rock can impair a worker’s hearing.

How has mechanised scaling transformed underground excavation?

MY: Scaling has always been recognised as a necessity, but mechanised scaling has walked hand-in-hand with an increased emphasis on mining safety and productivity. A typical development path in scaling has been replacing manual approaches with drilling jumbos.

This can be recognised as mechanical scaling already, but due to the nature of falling rocks in scaling, drilling machines tend to get damaged easily and this can paralyse production.

In the next development phase, the mining company will buy an excavator for scaling. For some types of mining this works well, but in many cases, the excavators are designed to work downwards and not in the tunnel roof and ribs.

Additionally, these machines are not designed with FOPS (falling object protection systems), which protect the operator from large rocks hitting the operator cabin. In the last phase, mines usually buy a dedicated scaling machine, mainly due to these reasons.

What solutions does Normet offer in mechanised scaling?

MY: At the moment, we have one base frame for scaling and breaking; the Scamec 2000. This machine can be equipped with three lengths of booms: small, medium or large, reaching 9m, 10m and 11.5m respectively.

When was the Scamec 2000 introduced and why? What are the benefits of the Scamec 2000?

MY: The first scaling machine was the Scamec 1000, introduced in the late 1980s and based on the drilling Jumbo chassis Normet made for the former Tamrock. Amazingly, some of these old Scamec 1000s are still in use today.

Development of the Scamec 2000 began in the late 1990s and the first unit was taken into use in 1998. Development and testing of both scalers were done in close co-operation with the Pyhäsalmi mine and the very first scaler was built upon their request.

The Scamec 2000 offers a very solid platform of trusted Normet quality. Machine structures are clear and simple for maintenance purposes. Lifting and tilting of the cabin provides the operator a clear view of the work in hand and an ergonomic operating position as well.

The cabin is FOPS and ROPS tested but also tested in the field where some horrendous tunnel roof collapses occurred but the operator has walked away unharmed. A long and sturdy boom also keeps the operator far from harms way.

How has your scaling solution evolved in recent years?

MY: Even though the original design is from 1990s we have upgraded the machine constantly and now offer two different styles of scalers; one with a basic, hydraulically controlled boom and traditional electrics for customers that want to keep it simple, and a second type with advanced bus controlled electrics for increased productivity and operator ergonomics. Both versions can be equipped with HV-electric powerpacks for electric scaling.

Recent upgrades we have completed are a special strength steel for hammer tilting cylinders, hot and arctic kits for more demanding customer environments, and dozens of small changes improving operator comfort, serviceability and product lifetime.

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Wednesday, January 29, 2020

Coronavirus outbreak hits mining shares after iron ore falls - Financial Times

Some of the world’s biggest mining companies are battling a plunge in the price of iron ore, prompted by the deadly coronavirus outbreak in China.

Shares in BHP, Rio Tinto and Fortescue Metals Group — three leading producers with huge operations in Australia — have tumbled this week owing to fears the epidemic could dent China’s demand for raw materials. Iron ore is used to make steel for infrastructure and other construction projects. 

The price of benchmark Australian ore for immediate delivery into China has dropped $9.80, or 10.3 per cent, to $85.60 a tonne over the past week, according to a price assessment from S&P Global Platts.

That price fall has cut billions of dollars from the market value of BHP, Rio and Fortescue, which also had to contend with a share sale from China’s Hunan Valin Iron and Steel Group, one of its biggest shareholders.

“Steel prices [have] come under pressure as demand is falling away,” said Simon Thackray, an analyst at Jefferies. 

China produces around 1bn tonnes of steel a year and consumed almost 1.5bn tonnes of iron ore last year — around 70 per cent of global seaborne supply. 

Tyler Broda, an analyst at RBC Capital Markets, said a shock to economic activity could cause a “financial stress event” and might be particularly troublesome for China’s debt-laden property sector, an important driver of steel demand.

“On the positive side, we believe Chinese policymakers will be acutely aware of this and [are] likely to provide emergency financing which could help to moderate impact,” he said. 

Beijing could also raise spending on infrastructure and property projects — as it has done numerous times over the past decade — to support growth, Mr Tyler added. “This will probably further erode the longer-term outlook but could allow for the sector to have a sharp recovery.”

Despite a recent sell-off, iron ore prices remain high. With prices at $85 a tonne, BHP, Fortescue and Rio, which can produce the material from their mines for as little as $15 a tonne, will still generate huge profits from iron ore. They will probably announce bumper dividends when they post annual results in February. 

In addition, iron ore prices could find support from Brazil on signs that Vale, the world’s biggest producer, has made a weak start to the year because of heavy rains and flooding in the south of the country. 

Still, this week’s share price falls have highlighted the dependence of BHP, Fortescue and Rio — and more widely the Australia economy — on iron ore and China.

The pain in the mining sector comes after the Australian economy, which has not experienced a recession in three decades, had already been hit by bushfires over the past few months. That means the risk to Chinese tourism comes at a difficult time. 

Chinese tourism is worth A$12bn ($8.1bn) a year to Australia’s economy, according to Australian Tourism Industry Council head Simon Westaway. 

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